February 27, 2015
Close of AltaLink's acquisition by BHE, safety performance and national corporate culture award highlight 2014 results
CALGARY, ALBERTA (Marketwired - February 27, 2015) The December 1, 2014 close of AltaLink's acquisition by Berkshire Hathaway Energy (BHE) capped a successful year for AltaLink.
"We are already benefitting from our new relationship with the other BHE companies," said Scott Thon, AltaLink president and CEO. "We now have the advantage of exchanging best practices and innovative ideas with some of the most successful utilities in the world. Bringing AltaLink's record of top decile safety and reliability performance in Canada together with the expertise of the BHE family of companies means our customers and stakeholders will certainly benefit."
AltaLink safety performance was also notable in 2014. The company recorded only four lost-time incidents in 2014 in the more than 13 million hours worked by its employees and contractors. AltaLink's employee safety performance continually ranks in the top ten per cent of its Canadian industry peers.
"Safety is a core value everyone at AltaLink embraces," said Thon. "It is the foundation of everything we do."
AltaLink's corporate culture was also recognized in 2014. In November, AltaLink was honoured to be selected by Waterstone Human Capital as one of Canada's Top 10 Most Admired Corporate Cultures. The 10 Most Admired Corporate Cultures program recognizes best in class Canadian organizations for having a culture that enhances performance and sustains competitive advantage.
AltaLink announces 2014 year-end financial results
Today, AltaLink, L.P. announced comprehensive income for 2014 was $215.7 million compared to $164.4 million for 2013. Comprehensive income was $66.3 million for the quarter ended December 31, 2014 compared with $65.8 million for the same period in 2013. Revenue for 2014 was $728.4 million compared to $534.1 million in 2012. Revenue for the quarter was $219.0 million compared to $181.9 million in 2013. The growth is primarily due to the large increase in our investments to expand and reinforce the Alberta transmission system.
As a partnership, AltaLink, L.P. reports its net income before income taxes; therefore its results are not directly comparable with net income reported by corporations that recognize income taxes in their financial statements.
AltaLink's full financial results and management's discussion and analysis can be found on AltaLink's website at www.altalink.ca or on SEDAR at www.sedar.com.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta's largest electricity transmission provider. We are committed to meeting the province's demand for electricity, providing innovative solutions, and partnering with our stakeholders and communities in doing so. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering electricity and utility services to customers worldwide.
Significant 2014 highlights
- We invested $1.90 billion (2013 ? $1.72 billion) in capital projects to reinforce the reliability of the transmission system for Albertans and to connect new customers
- We earned comprehensive income of $215.7 million (2013 ? $164.4 million)
- We were selected as one of Canada's 10 Most Admired Corporate Cultures in a national program presented by Waterstone Human Capital
This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink's securities in any jurisdiction, including but not limited to, the United States. AltaLink's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "intends", "projects", "plans", "anticipates" and similar expressions, are forward looking information that represents management of AltaLink's Internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink's filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward looking statements.
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For more information please contact:
Vice President, Treasurer
AltaLink Management Ltd.
Director, External Engagement
AltaLink Management Ltd.